EURJPY - going to grab some liquidity at 125.00, and then fall.
See the big 4-hour candle rejecting the trendline from below? I've marked it with an arrow.
That would have attracted a number of sellers, and price even drifted a little lower before sharply reversing over today's Asian session.
I think we're going to see a move that takes out the weeks' highs. A stop-hunt if you like. Price doesn't have to get all the way to 125.00 to do it, 124.90 will do the trick.
Trade idea: Wait for price to take out the recent highs and then show signs of weakness. A big bearish candle on the 1-hour or 4-hour should do the trick. First target around 124.15
That would have attracted a number of sellers, and price even drifted a little lower before sharply reversing over today's Asian session.
I think we're going to see a move that takes out the weeks' highs. A stop-hunt if you like. Price doesn't have to get all the way to 125.00 to do it, 124.90 will do the trick.
Trade idea: Wait for price to take out the recent highs and then show signs of weakness. A big bearish candle on the 1-hour or 4-hour should do the trick. First target around 124.15